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Oil Starts the New Week with a Correction

Olymp Trade

Oil has corrected on Monday after last week's impulse growth. The retest of $65 is occurring, it is likely to be a local support for buyers. Given the current geopolitical situation, the medium-term target for bulls remains around $70 per barrel of Brent crude. So far, everything indicates that the uptrend is in full swing.
Meanwhile, tensions between Washington and Tehran remain. US Secretary of State Mike Pompeo said that "serious" sanctions would be announced against Iran. They will be blocking resources that Tehran uses to finance its activities in the region. Late last week, Donald Trump canceled a military operation in the country, but he did not rule out the possibility of using military force against Iran in the future. “This option always remains,” he said. "We have an extremely powerful military presence in this region."
The growth of quotations is contributed by the news about the fire at the largest refinery Philadelphia Energy Solutions, which processes about 335 thousand barrels of oil daily. It is reported that it was possible to limit the spread of fire, but it is unclear how long it will take to restore full operation of the plant. The cause of the fire is also not known.

Olymp Trade Review

Source: https://olymptrade.com/
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